May 9th, 2022: SP-500 Chart Update
Posted by pugsma on May 9, 2022
5:40 pm EST: The SP-500 gapped down from 4123 to 4082, dropped quickly to 4003, rose to 4050, and then dropped the rest the day to 3975 (day’s low) and closed at 3991.
SP-500 Technical Indicators: Print SharpCharts from StockCharts.com
Wave Counts:
- The primary (white/green) count is that major [C]-P2-C3 completed at 3975 or will complete at 3933, where major [C]=[A]. Note: The primary (white/green) wave count is valid above 3975 or if it drops to 3993, then above 3933.
- The alternate (blue) count variation of the primary (white/green) count is the final wave minor 5 of major [C]-P2-C3 has a little more work to the downside. The minute (3) of minor 4, should target at least the (3)=(1) area at 3917, then a minute (4) bounce to the 38% Fib at 4008 and finally minute (5) down to the 3875, where minor 5=1.62*minor 1. Note: the 38% Fib retrace of P1 is at 3821 (-20.7% loss to just the edge of bear market).
- The new alternate (red) count is that the drop to the 3975 to 3821 area is only major [W]-P2-C3 and after a major [X] wave bounce the 38%/50% Fib at 4200 to 4320 area there will be another large leg down for major [Y]-P2 (to the 50%/62% Fib of P1 at 3506 to 3190). Note: The alternate (red) count allows for a full-blown bear market in the SP500 down to typical loss of -35% (3132) and nearly 275 calendars into Oct/Nov 2022.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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